With the addition of Coastal, a high-performing clinic ranked in the top 10% of outcomes in California, Akeso continues to expand its service area and bring better medical care to workers’ compensation patients
(Irvine, California – January 8, 2021) – Akeso Medical Holdings today announced it has completed its acquisition of Coastal Occupational Medical Group, marking a major milestone for the company and strengthening its position through expansion into Ventura County.
By collaborating with the highest-performing occupational health physicians to expand their practices and focusing solely on efficiency and better patient outcomes, Akeso offers payors and employers a real market alternative at a time when the occupational medicine sector is poised for growth.
“The addition of Coastal greatly advances our strategy of focusing on top performing clinics in major areas of California to bring together an enterprise-level solution that makes it easier and more efficient to work with great doctors when injured workers need care,” said Greg Moore, CEO of Akeso Medical Holdings. “What attracted us to Coastal is they are consistently ranked in the top 10% of outcomes in the entire state of California. They provide us with an ‘anchor’ clinic in the Ventura / Santa Barbara area on which to build, and allow us to expand outside of Orange County where our ProCare clinics have a strong base and reputation.”
Akeso also announced that Dr. Michael Byer, formerly Coastal's Medical Director, has joined the Akeso executive team as COO on January 2, 2021. “Michael brings a solid understanding of how to build and grow a clinic practice,” said Moore.
“By partnering with Akeso, the alignment of their vision for improving outcomes, lowering costs and delivering patient-centered care that fits with our vision of treating workers' compensation patients,” said Dr. Byer. “Akeso’s ability to provide us with the resources to grow our client base in a meaningful way is second to none.”
Investors backing Akeso are led by Kain Capital, a private equity fund focused on long-term value creation. “With the acquisition of Coastal, Akeso is one step closer to providing a compelling alternative for care in the Workers’ Compensation system,” said Kunal Kain, Managing Partner.
About Akeso Medical Holdings (www.akesomedical.com)
Akeso Medical Holdings develops occupational medicine clinic groups that improve injured worker outcomes through a focus on the patient and a commitment to better partnerships with the payor. The experts at Akeso Medical believe the key to fixing the workers’ compensation system centers around a dedicated group of physicians committed to the right care, without financial incentives for over-treating injured workers. These highly skilled physicians are backed by a clinical organization that works more closely with the insurance carrier and employer to make sure that the right care is delivered in a more timely manner.
Daniel Pencak, CPA
Chief Financial Officer and Investor Relations, Akeso Medical Holdings